Kingdom Of The Netherlands Curacao And Sint Maarten 2021 Article Iv Consultation Discussions Press Release And Staff Report

Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 : 1513594451
Total Pages : 79 pages
Book Rating : 4.53/5 ( download)

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Download or read book Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report written by International Monetary and published by International Monetary Fund. This book was released on 2021-08-25 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten, which followed category 5 hurricanes in Sint Maarten in 2017 and the spillovers of the Venezuelan crisis on Curaçao. Despite the substantial response measures financed by The Netherlands, the economic contraction in 2020 was severe.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.63/5 ( download)

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Download or read book Kingdom of the Netherlands-Curaçao and Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2022-08-11 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economies of Curaçao and Sint Maarten are recovering from the pandemic but facing multiple challenges, including spillovers from the war in Ukraine. Curaçao was in a protracted recession even before the pandemic due to spillovers from the Venezuelan crisis. Sint Maarten needs to fully recover not only from the pandemic, but also from the devastating 2017 hurricanes.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 107 pages
Book Rating : 4.73/5 ( download)

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Download or read book Kingdom of the Netherlands-Curaçao and Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-07-28 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Curaçao and Sint Maarten, which form a monetary union (Union), are recovering from the pandemic and earlier shocks. Substantial tourism recoveries in both economies supported robust growth and strong fiscal adjustments. Curaçao’s GDP is still below its pre-pandemic level while Sint Maarten is expected to exceed it this year. Both countries are working on structural reform packages, although the focus is still mainly on studies and preparation.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484395921
Total Pages : 63 pages
Book Rating : 4.29/5 ( download)

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Download or read book Kingdom of the Netherlands—Curaçao and Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2019-01-25 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.

Author :
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.30/5 ( download)

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Download or read book Kingdom of the Netherlands--Netherlands Antilles, Staff Report for the ... Article IV Consultation Discussions written by and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1513539361
Total Pages : 85 pages
Book Rating : 4.62/5 ( download)

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Download or read book Kingdom of the Netherlands-Curacao and Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2020-04-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation focuses on Curaçao and Sint Maarten’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The fiscal position in Curaçao improved in the past two years, in part due to implemented fiscal measures. Both Curaçao and Sint Maarten would benefit from introducing a Fiscal Responsibility Framework. It could incorporate a central government debt ratio as a long-term anchor and operational rules calibrated to meet it. The report suggests that risks in the financial sector need to be addressed as a matter of priority. The authorities should develop a strategy for addressing financial sector vulnerabilities with the objective of preserving financial stability while minimizing fiscal costs. Significant strengthening of supervision and a complete overhaul of the bank resolution framework are also urgently needed. An across-the board improvement in the governance framework should be a key priority in both countries. Vulnerabilities in the financial system point to the need to strengthen governance in the financial sector.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498318002
Total Pages : 69 pages
Book Rating : 4.06/5 ( download)

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Download or read book Kingdom of the Netherlands - Aruba written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2019-06-05 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation highlights that Aruba’s economic recovery continues, although at a slowing pace. The authorities have managed well the impact of the crisis in Venezuela through diversification of product markets and tourism sources. Nonetheless, a deepening of the crisis is a downside risk—mainly through a potentially sizable influx of immigrants and refugees. It is recommended to identify additional reform measures to achieve Aruba’s fiscal targets. These measures should involve a mix of revenue increases and expenditure restraint, and be prioritized, sequenced, equitable, and well-communicated to minimize implementation risks and ensure the measures’ durability. The government devised a reform agenda with fiscal consolidation as a key pillar. Additional measures are needed to achieve the authorities’ fiscal targets. The additional adjustment should contain a mix of tax reforms and expenditure rationalization. The fiscal measures in 2019 are expected to deliver a large upfront increase in revenues but it will be important to strike a balance between revenue increases and expenditure restraint in subsequent years.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475527284
Total Pages : 68 pages
Book Rating : 4.85/5 ( download)

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Download or read book Kingdom of the Netherlands—Curaçao and Sint Maarten written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2016-08-22 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation highlights that the fiscal situation in Curaçao and Sint Maarten remains relatively stable, following the debt relief in 2010, but progress on necessary fiscal and structural reforms has been slow. Curaçao experienced modest growth in 2015 of 0.1 percent, reflecting a turnaround from the contraction of 1.1 percent in 2014. The economy of Sint Maarten expanded by 0.5 percent in 2015, a slowdown compared with the 1.5 percent recorded in 2014. Real GDP growth in 2016 is expected to reach 0.5 percent in Curaçao and 0.7 percent in Sint Maarten. Over the medium term, growth is expected to pick up moderately to 0.9 percent and 1.3 percent for Curaçao and Sint Maarten, respectively.

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.49/5 ( download)

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Download or read book Kingdom of the Netherlands—Aruba written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-07-27 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Aruban economy recovered to the pre-pandemic level of real GDP by 2022, supported by a robust rebound in tourism. The fiscal position has been improving but the debt-to-GDP ratio remains above the pre-pandemic level. The banking sector is well capitalized, liquid, and profitable. Restoring macroeconomic balance and bolstering medium-term growth are the principal policy tasks facing the authorities.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498314600
Total Pages : 61 pages
Book Rating : 4.02/5 ( download)

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Download or read book Kingdom of the Netherlands—Curaçao and Sint Maarten written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-08-29 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: KEY ISSUES Context: The union’s current account deficit—the key economic vulnerability flagged in the previous (2011) consultation—has declined over the past few years, including thanks to fiscal adjustment in Curaçao. But it remains large. Curaçao’s growth and job creation remain lackluster, due to weak competitiveness, adverse sectoral trends (e.g., in the international financial center), red tape, and rigid labor laws. Sint Maarten’s tourism-based economy is recovering but remains vulnerable to shocks and suffers from weak administrative capacity—as underscored, for example, by weakening tax collection. Risks: Both Curaçao and, especially, Sint Maarten are exposed to shifts in tourism demand. Curaçao is vulnerable to the uncertain situation in Venezuela, its main trading partner. If long-discussed flexibility- and competitiveness-enhancing structural reforms are not implemented, both countries’ capacity to absorb shocks may prove limited, and pressures on FX reserves and, ultimately, the peg may intensify. Policy recommendations: Fiscal policies should entrench recent gains to facilitate continued external adjustment (especially in Curaçao) and build buffers against shocks. Curaçao should extend the reform of its pension system to public sector workers, further streamline its administrative apparatus, and address weak governance and finances in state companies. Sint Maarten needs to increase revenues to support an expanding administration, including through stronger tax collection and greater contribution from its profitable state companies. The common central bank must monitor closely the deterioration in banks’ loan portfolios and refrain from direct financing of non-financial companies. It should also use more standard sterilization tools to control banks’ excess liquidity. Urgent action is required to lower the cost of doing business and remove pervasive disincentives to both supply and demand of labor.